REC posts 21% rise in Q1 profit aided by interest income on loan assets
BENGALURU (Reuters) – India’s state-owned infrastructure finance company REC Ltd on Wednesday reported a 20.9% rise in first-quarter profit, helped by an increase in interest income on loan assets.
The non-banking financial company’s consolidated net profit rose to 29.68 billion rupees ($361.98 million) in the three months ended June 30, 2023, from 24.54 billion rupees a year earlier.
The New Delhi-based company, which provides finance to state electricity boards, state utilities and all segments of the private power infrastructure, said total revenue from operations rose 16.7% to 110.88 billion rupees.
